South Korea Aims to Develop its Medical Tourism Industry
After gaining its economy on semiconductors, ships and steel, South Korea is now pushing its surgeons’ skills in the beauty business to carve out a new position. This is boosted by active government support, boom in cosmetic surgery and a pool of experienced surgeons. The country is looking forward to surpass Singapore, Thailand and India to become Asia’s new medical tourism hub. As per our new research on the sector called “Asian Medical Tourism Analysis (2008-2012)”, the medical tourism market in South Korea is projected to grow at a CAGR of around 30% during 2010-2012.
The growth in the South Korean medical tourism industry has been well-supported by the government efforts and initiatives. For example, in February 2009, the government has reserved 5% of the total hospital beds for foreign patients. It is mainly due to quality services provided to foreigners visiting the country for treatment and to ensure that there is enough space for domestic patients also. Besides, in an effort to increase the share of private sector in the medical tourism industry, the government has allowed State-licensed clinics and hospitals to directly seek foreign patients as part of South Korea’s efforts to become Asia’s new medical tourism hub.
Moreover, the government’s green signal to seek foreign patients seems extremely beneficial for the industry, considering the sustainable increase in the number of foreign patients. According to another research report “Emerging Medical Tourism in South Korea”, South Korea received 25,000 foreign patients in 2008, an increase of 56% from 16,000 in 2007. The country received a large number of international patients from China, Japan and the Southeast Asian countries.
“Asian Medical Tourism Analysis (2008-2012)” provides statistical and in-depth analysis of the Asian medical tourism industry. The report also highlights various key players in the industry and this will give clients a clear picture of the Asian medical tourism market. This will help them in taking smart decisions while making investments in the market.
Moving ahead, the report discusses about the medical tourism industry in the Asian countries. We have found that countries like Thailand, Malaysia, Singapore, India and Philippines are also emerging as hot spots for medical tourism. In this regard, the report provides complete information about medical tourism industry in these countries as well. It also highlights various key market trends, which are growing in line with the overall industry growth.
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